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Alba Iulia
Thursday, August 6, 2020

Shopping malls still quoting rentals in dollars-Kayula

Economy Shopping malls still quoting rentals in dollars-Kayula

Ministry of Commerce,Trade and Industry Agriculture Director Planning Mwila Daka(r) confers with the Permanent Secretary Kayula Siame(l) during the Consultative Meeting on the Border Management(Trade Facilitation) Bill,2017
Ministry of Commerce,Trade and Industry Agriculture Director
Planning Mwila Daka(r) confers with the Permanent Secretary Kayula
Siame(l) during the Consultative Meeting on the Border
Management(Trade Facilitation) Bill,2017

The Ministry of Commerce, Trade and Industry says a recent survey conducted on the cost of doing business in shopping malls in Zambia has revealed that most rentals are being quoted in US dollars.

Ministry of Commerce, Trade and Industry Permanent Secretary Kayula Siame says this is despite the country having a law in place forbidding quoting of products and services in foreign currencies.

Ms Siame says her Ministry is now working with the Bank of Zambia to ensure that there is compliance to the law that forbids quoting or transacting in foreign currencies in the country.

She has told ZNBC News in an interview that quoting in foreign currencies possesses a challenge on the Zambian market as people cannot make meaningful projections regarding their sales and profits.

Mrs. Kayula said her ministry is committed to ensuring that the Bank of Zambia through its banking and financial Act ensures that there is compliance to the law.

6 COMMENTS

  1. Madam PS kayula, why do you lament when you know too well what you need to do.Are you telling me that the BOZ is not aware of this practice of charging rentals in dollars? fact is they are aware and like everything else in Zambia even in midst of numerous legislation, its business as usual.

  2. Oh, these officials have just waken up! Not long ago, there was a story in the press about Chinese shop owners in Kamwala shopping area charging in Dollars for rentals.

  3. Through speculation, we all know that the Kwacha will soon lose value. So quoting prices in dollars ensures that even when the Kwacha goes down, the value of rentals in dollars will remain solid.
    While at it, a lot of companies now might not even pay their workers on time because they are waiting for the Kwacha to crush.

  4. One sex worker at Northmead said “Tizayamba ku chagin’ga muma Dora na ise tukankaleko nga Dora”. because of the high prices of almost everything. ” Tu ma K30 ku ma cadre twachilamo mwandi”.

Comments are closed.

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